EAGLE 5.7.0 (Windows) has the following problem (which I think did NOT
appear in earlier versions):

1. The frame in the attached schematic contains several placeholders,
one of them called '>DESCRIPTION', which is placed at the right
bottom.
2. The schematic contains a GLOBAL attribute 'DESCRIPTION' set to
the text 'Global Attribute'. This is now displayed in the
schematic.
3. Which is odd, because the frame contains a LOCAL attribute
'DESCRIPTION', which is set to the text 'Local Attribute'.
Earlier EAGLE versions displayed the local attribute, because
this always took precedence over the global one.

The earlier behaviour was much nicer, because it allowed global
attributes to be overwritten locally.